MMG IPO touches SAR6.59bn

Total proceeds from Mohammad Al Mojil Group's (MMG) initial public offering has reached SAR 6.591 billion (Dh6.4bn), according to HSBC Saudi Arabia Limited, the financial advisor and lead manager for IPO.

Osama As'ad, Director of Investment Banking at HSBC Saudi Arabia Limited, said: "We have received subscriptions for 94.2 million shares in the retail and institutional tranches by the close of the intial public offering.

"Applications have been received from approximately 2.8 million subscribers in the retail tranche, with proceeds reaching SAR2.9bn."

"Approved intuitional investors have subscribed for 53.3 million shares, with proceeds amounting to SAR 3.7bn. Total proceeds from the two tranches covered 314 per cent of the entire IPO," he added.

Fahad Al Raqtan, Managing Director of MMG said: "These results come as a testimony to the successful transformation of MMG into a joint stock company, whose shares will soon be listed on the Saudi Stock Exchange."

"With the addition of this large number of new retail and institutional shareholders, MMG is looking forward to completing its mission of contributing to the Saudi economy, especially the industrial construction sector, by building on the trust its shareholders and employees have placed in it," he added.

The final subscription data will be announced as scheduled on May 18, along with the details of allocation and refunds to all subscribers.

The IPO of MMG, Saudi Arabia's premier industrial construction and construction services company, opened for subscription on May 3, and closed on May 12.

MMG is one of Saudi Arabia's leading industrial construction and construction services companies.